First City Monumental Bank (FCMB) has successfully completed a N500 billion capital raise, meeting the Central Bank of Nigeria’s (CBN) March 31 recapitalisation deadline. The development was confirmed in a statement signed by Group Chief Executive Ladi Balogun on March 8, 2026.
With the completion of this capital-raising exercise, FCMB joins other Nigerian banks that have met the CBN’s enhanced capital requirements. The group said it received approvals from key regulators, including the CBN, Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).
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“FCMB Group Plc announces the successful completion of the capital raise programme undertaken for its banking subsidiary, First City Monument Bank Limited,” the statement read. The 2025 public offer raised approximately N231.8 billion in gross proceeds, while an additional N11 billion was secured through minority divestment of about 10% of FCMB Pensions Limited’s issued share capital.
FCMB initially targeted N340 billion in 2024 to support its recapitalisation, later revising it to N370 billion in 2025 and subsequently to N400 billion in November 2025, following a CBN directive requiring banks to strengthen their capital positions. The group stressed that the capital expansion would not dilute shareholder value.
The strengthened capital base is expected to boost earnings per share from N1.85 in 2024 to N4.60 by 2026, backed by strong returns on equity. The bank’s 2025 financial performance was robust, with pre-tax profit rising 80% to N200.91 billion, gross earnings increasing 41.8% to N1.13 trillion, and post-tax profit jumping 141.7% to N176.91 billion.
The CBN reported that 30 banks have already met the new minimum capital thresholds under its ongoing sector-wide recapitalisation programme, with a total of 33 banks raising additional capital through rights issues, IPOs, and private placements.
FCMB’s recapitalisation positions the bank to seize new opportunities as Nigeria’s banking sector continues to strengthen and align with regulatory requirements.
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